Brazil defends use of local currencies in Unasur trade (distancing from US dollar)

[Judi Lynn]

Source: Xinhua

Brazil defends use of local currencies in Unasur trade
2009-02-18 18:55:40

Special Report: Global Financial Crisis

RIO DE JANEIRO, Feb. 17 (Xinhua) -- Brazil's President Luiz Inacio Lula da Silva on Tuesday defended the use of local currencies by member countries of the Union of South American Countries (Unasur) in their trade to reduce reliance on the U.S. dollar.

"We need to create regulations so we do not depend so much on the U.S. dollar, which is scarcer and more problematic," Lula said during a luncheon with visiting Colombian President Alvaro Uribe in Brasilia.

According to Lula, if the Unasur countries use their own currencies in the bloc's trade, local businessmen would not have to rely on the U.S. dollars in exports.

On the international financial crisis, Lula said it offered an opportunity for the countries to do what has not been done before.

Read more: http://news.xinhuanet.com/english/2009-02/18/content_10842358.htm

[SpiralHawk]

1. "Your republicon homelanders trashed your dollar." - The World

"And we don't want it no more." - The World

[ixion]

2. "problematic" is a nice way of saying:

the dollar is f**ked. It is bad juju, and people the world over seem to be doing whatever they can do to distance themselves from the train wreck that is the US financial system.

[dipsydoodle]

4. It's a euphemism

for shit.

[Lost in CT]

7. Um the currency trading would seem to show the opposite. nt

[ixion]

8. go ahead then, invest

knock yourself out.

[Lost in CT]

9. Just stating the facts is all. nt

[ixion]

10. the fact is: we're broke, and we're borrowing ourselves into oblivion

and eventually all these folks will move away from us as we wreck.

Sure, it may be doing okay today, but give it time. We're not at the bottom yet, so every up tick between now and then is just another dead cat bounce, IMO.

[dipsydoodle]

3. Isn't common sense

a wonderful thing. :)

[galileoreloaded]

5. Coming to a state near you!!!! n/t

[terisan]

6. Is the Amero coming soon? nt